Written by: Dao Ge

Canaletto "Mason's Courtyard" 1725

In the comments section of the article from the day before yesterday, a reader wrote the following:

“With AAVE's situation, the entire DeFi and ETH will be re-evaluated and re-priced. DeFi is now something no one dares to touch, making some low-interest earnings while feeling like dealing with illicit drugs.”

I can fully understand this reader’s concerns and disappointments regarding DeFi.

Regarding this reader’s worries, I want to offer my perspective from another angle, for reference.

My viewpoint is not entirely related to technology or the crypto ecosystem, but rather has a more direct connection to broader social phenomena.

What social phenomena does it relate to more directly?

It relates to how I view open systems and closed systems.

I remember that in a previous online Q&A session, I provided an example in response to a reader's question. I said something like (in essence):

If a system allows everyone to publicly criticize, openly denounce or even call out and deliberately smear, then that system, no matter how bad, cannot be too terrible. Moreover, if a remarkable example emerges from such a system, that example might be an insurmountable peak for all systems.

Yet if a system is one that the vast majority cannot clearly see how it operates, and cannot openly criticize or openly denounce, then even if this system is very good, it will still have a visibly apparent ceiling.

This viewpoint directly influences my opinion about the entire crypto ecosystem, including DeFi.

Thus, regarding DeFi systems where the code is open, the rules are transparent, and even the vulnerabilities are known, I believe it cannot be too bad, and the future will surely be bright. Because I believe that among them, there will eventually emerge exceptional projects that will reach the pinnacle of the ecosystem, becoming the backbone of the crypto world.

Although the future is bright, the path will be extraordinarily difficult and even tortuous.

The reason is quite simple:

Because it is open, because it is unmasked, and since it is a treasure trove overflowing with wealth, everyone will scrutinize it for problems, nitpick for flaws, and even indiscriminately smear it. Even if not for the sake of criticism, purely for profit, countless people are watching it closely, hoping to find loopholes to take a big advantage.

Faced with such "difficulties" and thorough scrutiny, few people can withstand it, and even fewer projects can hold up. Therefore, the vast majority of projects in the DeFi ecosystem will ultimately become cannon fodder in the historical evolution process, unceremoniously swept into the garbage heap by history.

However, the goodness of DeFi lies in the fact that the platform it operates on, Ethereum, is open and permissionless. As long as there is this platform, the seeds of innovation will continuously be sown, and there will always be a handful of genius individuals and brilliant teams that will illuminate the historical sky, creating exceptionally powerful projects that will be recorded forever in history.

This is akin to human history—miracles in human history have always been created by a minority of geniuses and elites.

But in this process, even genius projects must undergo rounds of brutal cleansing, endure relentless blows, and survive various life-and-death trials.

“The sharpness of a sword comes from being honed, and the fragrance of plum blossoms comes from enduring bitter cold,” speaks to this reality.

And the DeFi ecosystem is a new one, still in the early stages of development, and has yet to endure the trials it must face. Therefore, I have always been cautious about the various potential disasters it may encounter.

I have not used any Centralized Exchanges (CEX) for a long time and rely entirely on DeFi.

However, I adopt a quite conservative attitude when it comes to operating within DeFi:

In my daily operations, the most I use are Decentralized Exchanges (DEX), but only for asset swaps, and I participate very little in providing trading pairs/liquidity due to concerns about possible issues.

For lending applications, a few years ago, I placed a small amount of assets in AAVE and MakerDAO, but the quantities were limited. In the past two years, I have not put a single cent into lending applications because I am worried there could be problems.

In an online Q&A session from a year or two ago, when Ethereum staking was very popular, a reader asked if I was doing Ethereum staking. My answer was yes, but the amount was small; I wouldn’t be like some people who stake all their Ethereum. The reason for this is also due to my concerns about potential issues in staking applications (such as Lido).

When will I feel at ease?

I think it will take at least another 10 years, to wait for the vast majority of these applications to thrive, with some dying off and others falling into decline. Only then will those that have endured enough disasters and built strong protective measures warrant my consideration for more reliable use.

Even the Tang Monk had to go through 81 trials to achieve the ultimate truth, let alone these various quality applications newly growing in a new world?

Thus, today's AAVE incident, like every event we’ve experienced in the past, is an essential path that the ecosystem must traverse to flourish and grow into a towering tree; it is a necessary lesson.

As for whether DeFi will be re-priced after this incident, I believe some projects may fail and be ruthlessly eliminated, but those that survive will undoubtedly be stronger and healthier. And as a whole, DeFi will experience a period of trough, but after the winter, spring will come, and they will still shine brightly.

Regarding Ethereum, I am even less worried. Decentralization and security have always been the bottom line that Vitalik and the core Ethereum team have firmly protected. This incident again confirms that Ethereum's direction and persistence are correct.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。